Hooke & MacDonald is quoting €2.835 million for a portfolio of 19 residential properties – about €149,000 per unit – close to Ikea in Dublin 11.
The sale, on the instructions of statutory receiver George Maloney of RSM Ireland, includes four one-bed and 14 two-bed apartments, and a four-bed house. The apartments range in size from 54.5-72sq m (587-775sq ft) while the house extends to 140sq m (1,507sq ft).
Located at the Mayeston Hall development on St Margaret’s Road, 17 of the 19 properties are vacant and two apartments are let on standard tenancies.
Last April Ires Reit acquired 128 modern apartments in two new blocks – probably for a price of more than €32 million – at the adjoining Hampton Wood development which is within walking distance of Ballymun. It was reported at the time that the units would rent for €1,350 per month for a one-bed, and €1,700 for a two-bed.
Increased rents
Rents in the area have since increased. Hooke & MacDonald suggests the 19 Mayeston Hall properties could produce a rent roll of €396,000 which equates to an average of €1,400 per month for one-beds and €1,800 per month for two-beds.
Mayeston Hall is on the north side of St Margaret's Road about 600m from Ikea. It is located in a good letting area about 1.1km from the Charlestown shopping centre and 3.3km from Dublin Airport.
The city centre is accessible by a variety of bus routes while the M50, which runs parallel to the property, is accessed from junction 5 1.5km to the west.
